The cryptocurrency market has crossed the $ 1 trillion mark

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The cryptocurrency market appears to be on the rise again, with capital inflows, albeit modest, pushing total capitalization to over $ 1 trillion. The inflow of capital was driven, in part, by the growth of key assets such as Bitcoin (BTC) and Ethereum (ETH).

The market crosses this symbolic band again

The total capitalization of the cryptocurrency market in July 28 – $ 1.052 billionearns 70 billion dollars, 7% increase in the last 24 hoursaccording to CoinMarketCap.

Total market capitalization of cryptocurrencies in the last 24 hours (Source: CoinMarketCap)

The market appears to be under the influence of major cryptocurrencies, which have increased significantly in the past 24 hours. For instance, Bitcoin is trading at $ 23,000. with an increase of over 7% in the same period.

This price movement can be seen as a positive sign for the market’s flagship cryptocurrency, whose rally above $ 20,000 earlier in the week looked shaky. However, many experts are calling for caution.

What’s the next step for bitcoin?

Bitcoin has a strong influence on the entire market, his own Opportunity to support the ongoing rally it will be fundamental for the sector. It should be noted that Bitcoin is still trying to maintain sustained bullish momentum after this. several failed attempts to exceed $ 20,000 coherent.

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The second largest cryptocurrency by capitalization, Ethereum maintains bullish momentum, which is trading at $ 1,600, up more than 10% in 24 hours. Blockchain, a leader in smart contracts, appears to be maintaining its growth after the announcement of the date of the long-awaited merger in late September.

This update will allow Ethereum to exit the protocol Proof-of-Work (PoW) to the Proof-of-Stake mechanism. Interestingly, this development has also led to positive price movements for related assets such as Ethereum Classic (ETC). original version of Ethereum. In addition to Bitcoin and Ethereum, we also see Quant and Ethereum Classic among the top earning assets this week.

What does this over a trillion dollar profit mean?

Consider restoring a $ 1 trillion market cap. a positive sign in these difficult times for the cryptocurrency market. However, since when recent correlation with the stock marketthe demise of the cryptocurrency bear market could face challenges, particularly with macro trends such as uncontrolled inflationnearly 9.1% in the US year-over-year for June and that doesn’t seem ready to stop.

Interestingly, most cryptocurrencies rose after the US Federal Reserve. raised the base interest rate by 75 basis points. We see that, contrary to the usual picture, after these statements by Jerome Powell and the Fed, we have not seen a pullback. Some observers point this out Investors probably expected a larger rate hike and therefore welcomed these announcements in a positive way.

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Furthermore, the market has to deal with the expected new regulatory announcements. Specifically, this week we learned that the Securities and Exchange Commission (SEC), the American regulation policeman, Cryptocurrency exchange Coinbase has launched an investigation to see if the platform offers unregistered games. The share that knows one of the largest stock exchanges in the world many difficulties in recent weeksbetween insider trading, loss of market share, the failure of your NFT trading floor or even insolvency allegations!

The next few weeks will fundamental for the cryptocurrency market and many observers prefer Be careful in the face of this wave of purchases in the cryptocurrency market. For Bitcoin, the main thing will be to get out of this range with hope. reverse a long-term downward trend.

For more information on the current bear market, read our article here.

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